Aflac (AFL) FY2019 results: revenue $22.3 billion, up 2.5% on the year
Aflac Inc. (AFL) reported revenue of $22.3 billion for fiscal 2019, the year ended 31 December 2019, up 2.5% on the year before. Net income was $3.3 billion, up 13.2%, and diluted earnings per share $4.43. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2020.
Revenue
$22.3 billion
+2.5% on the year
FY2012FY2019
Operating margin
20.0%
20.0% a year earlier
FY2012FY2019
Net income
$3.3 billion
+13.2% on the year
FY2012FY2019
Diluted EPS
$4.43
+17.5% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
22,307
21,758
21,667
+2.5%
Selling, general and administrative
3,089
2,988
2,780
+3.4%
Operating income
4,461
4,354
4,087
+2.5%
Operating margin
20.0%
20.0%
18.9%
Interest expense
228
222
240
+2.7%
Pre-tax income
4,445
3,983
4,018
+11.6%
Income tax
1,141
1,063
-586
+7.3%
Effective tax rate
25.7%
26.7%
-14.6%
Net income
3,304
2,920
4,604
+13.2%
Net margin
14.8%
13.4%
21.2%
Diluted EPS
$4.43
$3.77
$5.77
+17.5%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
5,455
6,014
6,128
-9.3%
Cash from investing
-3,171
-3,582
-5,431
Cash from financing
-1,713
-1,616
-2,065
Depreciation and amortisation
41.0
49.0
53.0
-16.3%
Buybacks
1,627
1,301
1,351
+25.1%
Dividends paid
771
793
661
-2.8%
Dividend per share
$1.08
n/a
n/a
Diluted shares, weighted
746m
775m
798m
-3.6%
Shares outstanding at period end
727m
755m
781m
-3.8%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
28,959
23,462
24,598
+23.4%
Debt
6,408
5,765
5,267
+11.2%
Other liabilities
117,401
111,179
107,352
+5.6%
Total liabilities and equity
152,768
140,406
137,217
+8.8%
Fixed assets
581
443
434
+31.2%
Goodwill
140
n/a
n/a
Securities held for sale or to maturity
121,347
113,213
115,743
+7.2%
Loans
9,569
6,919
n/a
+38.3%
Cash and equivalents
4,896
4,337
3,491
+12.9%
Other assets
16,235
15,494
17,549
+4.8%
Total assets
152,768
140,406
137,217
+8.8%
10-K for the year ended 31 December 2019, filed 21 February 2020: the filing.